If you own a two-wheeler, it is important to protect the vehicle from the impact of adverse events. One of the easiest ways to ensure the safety of your bike is by getting a bike insurance policy. A two wheeler insurance policy helps you stay financially protected if your vehicle is damaged or stolen.
However, to ensure that your vehicle stays secured against any untoward events, you must renew your two-wheeler insurance on time. This is why several insurance companies offer the facility of online renewal of bike insurance policies. For instance, Tata AIG, one of India’s leading insurance providers, provides the facility of Tata AIG bike insurance renewal online. With the online renewal of your two wheeler insurance plan, the process becomes extremely easy.
The roads in India are accident-prone and two-wheelers are quite susceptible to accidental damages. Therefore, it is important to provide accurate information to the insurer and ensure that your nominees get the benefits under your bike insurance policy if something unfortunate happens to you.
Two Wheeler Insurance Nominee
In the context of a bike insurance policy, a nominee is an individual who is listed in the two wheeler insurance policy document by the policyholder as a beneficiary in the event of the former passing away. The nominee under a bike insurance policy will get the insurance benefit as compensation in the following scenarios:
If the policyholder passes away because of an accident.
If the policyholder passes away after filing a bike insurance accident claim but without having received the settlement amount.
Generally, individuals name their spouse, kids, or close relatives as the nominee in their bike insurance policy. However, you can name any individual as a nominee in your bike insurance policy. The sole earner of a household usually names their spouse or other dependent family members as the nominee in their bike insurance policy since the insurance benefits can help their loved ones have access to financial assistance.
However, what if you’re in a situation where you wish to change the nominee listed in your bike insurance policy? For instance, you may have purchased a bike insurance plan when you weren’t married and named your father or mother as the nominee. However, post your marriage, you may wish to make your spouse the nominee in said policy. For such situations, you must take the help of an endorsement and replace the nominee’s name in your bike insurance policy.
The Endorsement in Two-Wheeler Insurance
An endorsement in a bike insurance plan is a type of change or addition you wish to make to your current insurance plan. It is a document that records all the changes you have made to your bike insurance plan. This document functions as proof of the aforementioned changes.
For instance, if you have moved to a new residential address and wish to get your address updated in the policy document, your insurance company will pass an endorsement to carry out this adjustment. Therefore, if you’re planning to change the name of a nominee in your insurance policy, you will have to contact your insurance company to pass an endorsement.
You can ask them to pass the endorsement during the policy renewal, the middle of the year, or the beginning of the policy year. It is important to remember that you may have to provide certain documents as proof to adjust your bike insurance plan.
Process to Replace the Nominee’s Name in the Bike Insurance Policy
The process to replace the nominee initially named in a bike insurance plan is quite easy. You only need to write an application to your insurance company for an endorsement, mentioning the name of the new nominee you wish to include in your plan. You can send the application to your insurance provider through email or post, based on your insurer’s preference.
You are not required to provide any documents along with the application to change the nominee in your bike insurance plan. Furthermore, you don’t need your existing nominee’s consent before changing the name of the nominee in your bike insurance policy. However, it is important to ensure that you do not make any mistakes while changing the nominee’s name.
Common Mistakes Made While Changing the Nominee in Bike Insurance
Any errors made in a bike insurance policy’s nomination may create issues in the settlement of bike insurance claims if the policyholder has passed away. Here are certain mistakes that are commonly made while updating the nominee in a bike insurance policy:
Not updating the details about the nominee:
If the nominee you have listed in your bike insurance policy passes away, you must update the nominee on a priority basis.
Failure to inform the nominee:
You must inform the nominee in your bike insurance policy about the nomination and provide them with a copy of the policy.
Inaccurate nominee information:
You mustn’t make any spelling mistakes or provide any inaccurate information to your bike insurance company while listing the name of the nominee since that can cause problems at the time of claim settlement.
If you’re a bike owner in India, buying two-wheeler insurance for the vehicle is legally mandatory. Insurance for your bike helps you protect your vehicle. Bike insurance companies in the country allow you to purchase and renew insurance plans online to help you protect your vehicle for a long time and in a hassle-free manner.
However, you must provide accurate information about the nominee in the policy to ensure that they get the necessary financial coverage in the wake of an unfortunate event. If you wish to change the nominee in your policy, you can follow certain specific steps and make the appropriate changes.